高端产品有望持续增厚利润，稳健分红凸 显长期投资价值 核心观点 盈利预测与投资建议 ⚫ 根据公司 2025 年半年报，我们做出下调特钢长材、专用板材等相关产品的售价、上 调产品毛利率，上调投资收益等调整，预测公司 2025-2027 年每股净资产为 4.68、 4.95、5.24 元（2025-2027 年原预测值为 4.74、4.99、5.23 元），根据可比公司 2025 年 1.22X 的 PB 估值，对应目标价 5.70 元，维持买入评级。 风险提示 ——南钢股份 2025 年半年报点评 宏观经济波动风险、原材料价格上涨风险、下游行业市场波动风险、新项目推进不及预 期风险、订单量不及预期风险 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 72,543 | 61,811 | 62,048 | 61,393 | 60,871 | | 同比增长 (%) | 2.7% | -14.8% | 0.4% | -1.1% | -0.8% | | 营业利润 ...

Group 1 - The China-ASEAN Artificial Intelligence Innovation Cooperation Center has signed its first batch of 40 projects, focusing on key areas such as computing infrastructure, algorithm development, and AI + manufacturing, attracting leading companies like Huawei and SenseTime [1] - In the first quarter of this year, Guangxi signed 24 "AI +" industrial projects with a total investment of 19 billion yuan, and the added value of high-tech manufacturing increased by 30.1% year-on-year, contributing over 50% to industrial growth [1] - Guangxi is leveraging "AI +" to drive intelligent transformation across various industries, promoting a comprehensive upgrade of its industrial system towards high-end, intelligent, and green development [1] Group 2 - Guangxi is actively implementing the Chinese government's "AI Capability Construction Inclusive Plan" and has established the China-Laos AI Innovation Cooperation Center, the first AI cooperation platform with ASEAN countries [2] - The region is systematically advancing technology inclusivity, corpus construction, and the development of AI sovereign large models to build a community of shared destiny in the intelligent era with ASEAN [2] Group 3 - In the first quarter, the production of service robots in Guangxi reached 228,000 units, a year-on-year increase of 48.2%, with 71 AI products and 39 vertical models released [6] - Guangxi has cultivated 37 autonomous-level intelligent manufacturing benchmark enterprises, 338 intelligent factories, and 277 digital workshops, with over 4,000 large-scale industrial enterprises implementing "smart transformation" [6] Group 4 - The first 3,800 mm wide thick plate production line in Guangxi is operating at full speed, with high demand for its products, marking a successful transformation for the steel industry [9] - The sales of high-end products from the steel group have increased by 42% year-on-year, with over 70% of their products now serving the manufacturing sector [9] Group 5 - In Nanning, the BYD 45GWh power battery and energy storage system project is producing batteries at a rapid pace, with a new ecosystem being developed for aluminum deep processing and new energy industries [10] - In the first quarter, the production of solar cells, displays, optoelectronic devices, and electronic components saw significant increases, with lithium-ion battery production for automobiles growing by 90% [10] Group 6 - The automotive industry is experiencing a technological upgrade, with SAIC-GM-Wuling's new voice recognition technology and intelligent parking systems gaining attention at the Shanghai Auto Show, leading to a 71.3% increase in sales of new energy vehicles [12] - The local supply chain for new energy vehicles in Liuzhou has a localization rate exceeding 63%, with the core industry cluster generating an annual output value of 66 billion yuan [17] Group 7 - Guangxi is focusing on developing a million-kilowatt offshore wind power base and a billion-level offshore wind power industry cluster, enhancing its position in the national industrial landscape [14]